<ul><li>Bitcoin has reached a new All-Time High (ATH) in price, but its MVRV ratio has not followed the usual pattern of peaking alongside price, suggesting a potential shift in market dynamics.</li><li>The MVRV ratio, calculated by dividing Market Cap by Realized Cap, historically indicates overheated markets. In the current cycle, despite Bitcoin crossing $100K, the MVRV ratio remains around 2.4, much lower than past peaks.</li><li>The visual representation of Bitcoin's price, MVRV Ratio, and historical peak zones indicates a divergence between price and MVRV ratio, raising questions about market behavior and cycle evolution.</li><li>This anomaly in the MVRV ratio suggests a healthier bull market driven by conviction rather than speculation, potentially allowing for further price growth before overheating, signaling a structural strength in the market dynamics.</li></ul>

Bitcoin Breaks ATH, But MVRV Ratio Tells a New Story

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